CORDIANT BUYS SPANISH SHOP TO CREATE MERGER WITH SCHOLZ & FRIENDS

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MADRID -- Cordiant Communications Group has acquired local agency ESC Comunicacion, which it plans to merge with its Scholz & Friends shop in Spain to create ESC/Scholz & Friends. Cordiant will have a 70% stake in the agency with the remaining shares at ESC. The agency will have estimated net earnings of $2.5 million on a turnover of about $6 million. Clients include Saab, Reemtsma, Camper, Jazztel, Kodak, Axel Springer and Gucci. Cordiant has been expanding the German network Scholz & Friends internationally as a second network alongside Bates Worldwide. -- Fernando Montanes

Copyright April 2001, Crain Communications Inc.

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